Nortern Rock increased rate Silver Saver Online 6% (merged)

iltisman

On their website NR announce 6% from 9-6-07 this leaves
Halifax trailing a full 1% behind with their websaver.

fbrj

According to their website - the Silver Savers (for those over 50!) online rate will be increased from the current 5.81% AER to 6.00% AER wef 9/6/07.

For those that don't know, you can: deposit between £1 and £2,000,000, have instant access, transfer funds by BACS and CHAPS and not incur any penalties for withdrawals (eg no interest paid in month of withdrawal) and can elect to have the interest paid monthly. The AER is guaranteed, until January 2010, to be at least equal to UK base rate.

Although NR have failed to pass on the full 0.25 basis points, the rate is still very competitive.

Froglet

I endorse this account,it was quick and easy to set up and no hassle withdrawing or adding from/to it.Excellent place to save while waiting for the new Isa year to start.There has to be some benefit to reaching 50!!

Paulee

I've had an email this morning telling me of the NR Silver Saving account rise of 0.19%, from 5.81% to 6%. This is a good rate of interest, but I am a bit disappointed that they didn't raise it by the full B of E rate rise, as some other banks, like Icesave, have done.

I have just opened a Silver Savings account but I have also recently opened an account with Icesave. With rumours of another interest rate rise on the cards from the B of E, a similar increase from each of these banks would see the Icesave account slightly ahead of NR.

Not sure where I should put my money now!

nilrem_2

Paulee wrote: »

I've had an email this morning telling me of the NR Silver Saving account rise of 0.19%, from 5.81% to 6%. This is a good rate of interest, but I am a bit disappointed that they didn't raise it by the full B of E rate rise, as some other banks, like Icesave, have done.

I have just opened a Silver Savings account but I have also recently opened an account with Icesave. With rumours of another interest rate rise on the cards from the B of E, a similar increase from each of these banks would see the Icesave account slightly ahead of NR.

Not sure where I should put my money now!

I presume you are talking about the online silver savings account?
In fairness to NR they did increase the rate by a small amount a couple of weeks before this latest rate rise so in fact added together the rise is pretty decent.

Personally I would leave the cash in NR.

hansi

I agree. I have a substantial amount in NR and it's very easy and very quick to pay in and get money paid out and a good rate of interest to boot, especially if you're a non-taxpayer!

chesky369

I've been trying to apply on-line but every time I get as far as entering the sort code of my bank, a different address comes up for it. Has anyone else had this trouble and does it matter?

LittleVoice

chesky369 wrote: »

I've been trying to apply on-line but every time I get as far as entering the sort code of my bank, a different address comes up for it. Has anyone else had this trouble and does it matter?

I haven't (or at least not noticed anything strange). However, the centralisation of accounts with some institutions may explain this. For example, RBS have sort codes for each physical branch but I think Nationwide does not work on that basis (I could be wrong!). A NW sort code therefore may not be linked to the address that appears on your cheque book - which may be the address for some aspects of your account servicing.

Tea_MAX

iltisman wrote: »

On their website NR announce 6% from 9-6-07 this leaves
Halifax trailing a full 1% behind with their websaver.

Can't believe how far behind Halifax are with their rates.
Moved all my savings from Halifax to Northern Rock when I set up the account. No complaints using NR's system.

mjmal51

LittleVoice wrote: »

I haven't (or at least not noticed anything strange). However, the centralisation of accounts with some institutions may explain this. For example, RBS have sort codes for each physical branch but I think Nationwide does not work on that basis (I could be wrong!). A NW sort code therefore may not be linked to the address that appears on your cheque book - which may be the address for some aspects of your account servicing.

I have an RBS account and when I enter the sort code for a DD transaction it is not the address of my branch. Was told this is the central address for the area and not to worry. Have done this many times and no problems.

chesky369

Opened the account - fingers crossed my money doesn't end up in Croydon.